Word: lender
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...Irish banks last September. At the time, according to Finance Minister Brian Lenihan, it was "the cheapest bailout in the world." But that claim soon came back to haunt him. In December it emerged that Sean Fitzpatrick, the chairman of Anglo-Irish, the country's third biggest lender, had concealed from shareholders more than $100 million in personal loans by temporarily transferring the money to a building society. Amid public outcry over the scandal, the government nationalized Anglo-Irish and recapitalized two other banks to the tune of $10.5 billion...
...program. It places fledgling attorneys like Paschal with legal-aid-service organizations to help tackle the backlog of cases - more than 50,000 foreclosure filings so far this year in Miami-Dade County alone. Many homeowners don't know what legal defenses are available to them as they battle lenders to keep their properties - or at least make foreclosure less painful and less costly. "Potentially, one of the most significant [defenses] is that the lender, because so many home loans were securitized during the housing boom, often doesn't even know who owns the mortgage anymore," says Froomkin. That...
Carolina Lombardi, a senior attorney at Legal Services of Greater Miami Inc., which is mentoring some of the UM fellows, says foreclosure defendants also need attorneys to help them fend off all-too-frequent lender practices like exorbitant escrow claims. "Homeowners who have lawyers are usually prevailing in those cases," says Lombardi. But she notes that unless homeowners fall below the federal poverty line ($22,000 for a family of four), they can't qualify for the free legal aid that agencies like hers provide. That creates an obstacle for most foreclosure defendants, who aren't impoverished but because...
...Bank of America bought Boston-based bank Fleet for $47 billion. Two years later he spent $35 billion to buy credit card giant MBNA. And as the credit crisis began to unfold, Lewis picked up Countrywide, which at its height was the nation's largest independent mortgage lender, for just over $4 billion...
...Foreclosures are not good for anybody. It's the last thing any lender wants to do. It's the worst thing for a neighborhood." (The Myrtle Beach Sun-News, March...